may move up today, page-6

Much as I want to be a bull of this, it is stumping me.

I suspect hedge funds are involved as they can smell some blood with the underwriters. The debt problem is only partially solved even if the retail issue is placed. Unfortunately there is a third placement later this month and on this basis will BLY fully achieve its debt reduction plans.

As such I think the hedge funds see a target until the third placement is out of the way.

You also have to remember that BLY is a reasonably liquid stock with $22m trading yesterday. Hence Orgone Accumulator's shorting figures make sense.

One thing to notice. Underwriters can pull out of this deal is the index falls 15% since the first placement. It is outlined in the Retail Offer Document.

Basically underwriters v. hedge funds for the big showdown.